Archive: May 22, 2023

JSW Steel announces Q4FY23 Financial Result

Mumbai, India: JSW Steel Limited (“JSW Steel” or the “Company”) today reported its financial results for the Fourth Quarter and the Financial Year ended 31^st March 2023 (“Q4 FY23” or the “Quarter” and “FY2023” or the “Year”).

The global economy has decelerated, with goods and commodity inflation cooling off significantly but services inflation staying elevated in developed markets. Aggressive monetary policy tightening by the central banks is slowing down growth and has also led to banking sector turmoil in western countries. In China, the recovery so far is driven by services more than manufacturing, but policy is expected to be supportive given low inflation.

Amidst the global uncertainties, the Indian economy is a bright spot, supported by strong traction in manufacturing as well as services, and supported by government capex. The fiscal position benefits from lower energy prices, fertilizer subsidies, and strong tax collections. Cooling inflation and RBI pausing rate hikes are positives, though the global slowdown is a risk. Monsoon is a key monitorable for rural demand in light of El Nino conditions.

Indian steel demand grew 13.3% YoY in FY23 to 119.86 million tonnes, with healthy growth likely to continue in FY24. The Government’s thrust on infra, housing, and increasing the share of manufacturing in GDP continues, which should support steel demand growth. Productive investments like the National Infrastructure Pipeline, the Production-Linked Incentive scheme for manufacturing, and defense indigenization will continue to drive capex, which augurs well for the growth of the domestic steel industry.

During the Quarter, the total combined crude steel production of JSW Steel was 6.77 Million tonnes, higher by 8% sequentially, mainly due to the ongoing ramp-up of the 5mtpa Dolvi Phase-II expansion which achieved capacity utilization of 91% vs 85% and ramp-up of BPSL operations following the expansion of capacity from 2.75mtpa to 3.5mtpa, which achieved capacity utilisation of 89% vs 85% in Q3 FY23. The ramp-up of JSW Ispat Special Products (JISPL) operations following a maintenance shutdown that had commenced in Q2 FY23, also contributed to higher production.

The Company’s financial performance during the quarter was better sequentially, mainly due to higher volumes, better realisations and lower energy prices. While the global economic scenario remains challenging, India is seeing healthy steel demand growth, which will support the Company’s performance in the coming quarters.

Standalone Performance – Q4 FY23:

The details of standalone production and sales volumes for the quarter are as under:

Crude Steel Production was 5.60 million tonnes during Q4 FY23, up 12% YoY and 5% QoQ, primarily due to better utilization of Dolvi Phase-II.

Sales of saleable steel at the Standalone level were 5.68 million tonnes for the quarter up 11% YoY and 15% QoQ. Quarterly domestic sales at 5.42 million tonnes were the highest ever, led by the Retail & OEM segments. Exports were at 11% of total sales during the quarter at the Standalone level.

The Company registered Revenue from Operations of ₹37,153 crores, higher by 20% QoQ, mainly led by higher sales volumes and net sales realisation. On a YoY basis, Revenue from Operations is 3% higher, primarily due to higher sales volumes, partly offset by lower net sales realization.

The Company registered Operating EBITDA at ₹6,247 crores for Q4 FY23, up by 55% QoQ with an EBITDA margin of 16.8% vs. 13% in Q3 FY23. The EBITDA margin was higher primarily due to higher sales volumes, higher net sales realizations, and lower power and fuel costs.

The Company reported Net Profit after Tax of ₹2,838 crores for the quarter.

Performance of Subsidiaries – Q4 FY23:

JSW Steel Coated Products (Consolidated):

During the quarter, JSW Steel Coated Products, including its subsidiaries, registered a production volume (GI/GL + Tin) of 0.84 million tonnes and sales volume of 1.02 million tonnes. Revenue from Operations for the quarter stood at ₹8,479 crores, and Operating EBITDA was ₹431 crores. Net Profit after Tax was ₹835 crores for the quarter, which includes deferred tax adjustment of ₹645 crores following the amalgamation of step-down subsidiaries namely, Asian Color Coated Ispat Limited and Hasaud Steel Limited.

Bhushan Power & Steel Ltd (BPSL):

During the quarter, BPSL registered Crude Steel Production of 0.78 million tonnes and Sales volume of 0.71 million tonnes. Revenue from Operations and Operating EBITDA for the quarter stood at ₹5,570 crores and ₹949 crores, respectively. BPSL reported Net Profit after Tax of ₹429 crores for the quarter. Better margins in  Q4 FY23 QoQ mainly due to better realisations, and lower coal and power & fuel cost.   

JSW Steel USA Ohio Inc.:

The EAF-based steel manufacturing facility in Mingo Junction, Ohio, produced 86,203 net tonnes of HRC and 2,31,908 net tonnes of Slabs with 64% capacity utilization during the quarter. Sales volumes for the quarter stood at 72,776 net tonnes of HRC, up by 66% QoQ and 1,25,124 net tonnes of Slabs, up by 179% QoQ. It reported an Operating EBITDA loss of US $12.1 million for the quarter. EBIDTA loss reduced by $10.7 million QoQ. 

US Plate and Pipe Mill:

The Plate & Pipe Mill based in Baytown, Texas produced 1,04,439 net tonnes of Plates and 6,606 net tonnes of Pipes, reporting a capacity utilization of 47% and 5%, respectively, during the quarter. Sales volumes for the quarter stood at 86,823 net tonnes of Plates, up by 17.3% QoQ and 5,241 net tonnes of Pipes. It reported an Operating EBITDA of US$ 25.7 million, up by 50% QoQ.

JSW Steel (Italy) S.r.l. (Aferpi):

The Rolled long products manufacturing facility in Italy produced 78,384 tonnes and sold 94,695 tonnes during the quarter. It reported an Operating EBITDA of Euro 13.4 million for the quarter, up by 71% QoQ.

Consolidated Financial Performance – Q4 FY23:

Crude Steel Production was 6.58 million tonnes during Q4 FY23, up 13% YoY and 7% QoQ, primarily due to ramp up of Dolvi Phase-II and BPSL expansions.

Saleable Steel sales for the quarter stood at 6.53 million tonnes, higher by 16% QoQ mainly driven by higher exports. Sales were up 9% on a YoY basis, led by higher domestic sales.

The Company registered Revenue from Operations of ₹46,962 crores and Operating EBITDA of ₹7,939 crores, with an EBITDA margin of 16.9%. The increase in EBITDA QoQ is attributable primarily to higher sales volume and net sales realization. The Profit after Tax for the quarter was ₹3,741 crores, after incorporating the financials of subsidiaries, joint ventures, and associates.

The Company’s consolidated Net Gearing (Net Debt to Equity) stood at 0.89x at the end of the quarter (as against 1.09x at the end of Q3 FY23), and Net Debt to EBITDA stood at 3.20x (as against 3.51x at the end of Q3 FY23). Net Debt as of 31^st March 2023 stood at ₹59,345 crores, lower by ₹10,153 crores vs. 31^st December 2022 due to healthy cash generation and release of working capital. 

Production and Sales Summary: 

Update on Projects:

The 5mtpa brownfield expansion at Vijayanagar is progressing well, with construction activities and equipment erection for all packages underway. The project is expected to be completed by the end of FY24.

The Phase-I expansion from 2.75mtpa to 3.5 mtpa at BPSL was completed in FY23. The Phase-II expansion from 3.5mtpa to 5mtpa remains on track for completion in FY24.

The Company’s domestic capex spend was ₹3,507 crores during Q4 FY23, and ₹14,214 crores for FY23, against the (revised) planned of ₹15,000 crores for FY23. The Company expects to spend an amount of Rs 18,800 crores for FY24, primarily for completing the 5mtpa brownfield expansion at Vijayanagar and BPSL Phase-II expansion to 5mtpa, downstream facilities and sustenance capex.

Dividend:

The Board has recommended a dividend of ₹3.40 per equity share on the 241,72,20,440 equity shares of face value of ₹1 each, for the year ended March 31, 2023, subject to the approval of the Members at the ensuing Annual General Meeting.

The total outflow on account of this dividend will be ₹822 crores.

Guidance for FY2023:

The production and sales guidance for FY2024 is as follows: (Million tonnes)

Outlook

The IMF expects global GDP growth to moderate to 2.8% in 2023 (-0.6 p.p. vs. 2022 global growth, and a -0.1 p.p. downgrade vs. their Jan 2023 forecast). Goods and commodity inflation has cooled significantly but services inflation in Developed Markets remains elevated due to tight labour markets. Aggressive policy tightening by the Central Banks in USA and Europe to control inflation is slowing growth and has also led to banking sector turmoil recently, which has potential for further downside risks.

The US economy is decelerating, and combined with high wage inflation and banking sector issues, could lead to a more severe slowdown in H2 CY23. The tight labour markets driven by strong services demand is expected to weaken in Q3 CY23, which will help cool inflation but may affect growth. Ongoing financial sector stress could force a pause in further rate hikes.

The Euro area has averted a severe recession due to good energy management helped by a mild winter, and manufacturing and services are picking up. Wage-driven inflation and any banking crisis are risks to growth.

In Japan, while manufacturing remains subdued, services have picked up. Wage inflation and global slowdown are risks to GDP growth.

The Chinese recovery following relaxation of the Zero Covid Strategy at the end of 2022 is being driven more by services than manufacturing. Slowing exports and a lackluster property market are headwinds. Fiscal and monetary policy is expected to be supportive as inflation remains low in China.

The Indian economy remains resilient, and is a bright spot in the decelerating global economy. Growth is broad-based, supported by manufacturing, services, and government capital expenditure. Cooling inflation and the RBI pausing rate hikes is a positive, while the global slowdown remains a risk. Monsoon is a key monitorable, especially for rural demand in light of the forecast for El Nino this year.

The Union Budget in India focused on Infrastructure, Manufacturing and Defense, which is positive for steel consumption. The fiscal position is benefitting from lower energy prices, a sharp drop in fertilizer subsidies, and strong tax collections. The manufacturing sector capacity utilization is consistently above 72% since Dec 2021, which is supportive for private sector capex. Moreover, corporates and banks have healthy balance sheets to undertake capex.  The banking credit growth has been in double digits for the last 13 months. Improving rural consumer sentiment, healthy reservoir storage levels and improving rural wage growth points to ongoing recovery. Demand for commercial vehicles, tractors, and passenger vehicles remains healthy, while recovery in two-wheeler demand is expected in line with the rural and semi-urban economy.

Philips India announces strategic alliance with NODWIN Gaming for the launch of Philips OneBlade QP1424

New Delhi, May 22, India – Philips India today announces its strategic alliance with NODWIN Gaming for the launch of their male grooming product i.e., Philips OneBlade QP1424. The innovative solution is an enhanced version of the existing product which targets the GenZ of today. The company is the official styling partner for NODWIN Gaming’s Valorant Challengers South Asia Tournament featuring a massive $140,000 Prize pool.

The collaboration is aimed at engaging GenZ gamers who spend considerable time online and creating a unique connection between gaming and personal grooming. Today, gamers are looking for quick solutions and this product is exactly in line with that quick-bit solution as they ‘Move Fearlessly’ and enter a new phase of their life i.e., adulthood.

This partnership with NODWIN Gaming is the perfect opportunity to showcase the new OneBlade QP1424 to the esports community.

Commenting on the partnership, Deepali Agarwal, Head, of Personal Health, Philips Indian Subcontinent said “We are excited to bring the new One Blade especially designed for Gen Z to India and partner with NODWIN Gaming, a company that shares our passion for innovation and engaging with the youth, for its launch. With Philips OneBlade QP1424 as the official styling partner for Valorant Challengers Tournament, we want to encourage GenZ to ‘move fearlessly’ in gaming and in grooming themselves. This partnership will enable us to reach our audience and encourage them to take bold strides in their first steps. We look forward to creating more engaging content together.”

“We are always looking to expand our value offering to brands that have a high overlap with our audience. “Move Fearlessly” is a message that definitely resonates with our core audience. With Phillips as our styling partner for NODWIN Valorant Challengers South Asia, we believe that this partnership will enable them to be a part of this memorable journey this tournament promises to be.” says Akshat Rathee, co-founder & MD, NODWIN Gaming.

The partnership will continue till December 2023 with interesting integrations into the game. Post NODWIN Valorant Challengers, Philips OneBlade QP1424 and NODWIN Gaming will collaborate to create even more exciting and engaging content with gaming influencers, Dreamhack collaborations, player transfer integrations for OneBlade, and other gaming-related events.

Delhivery to Make a Strategic Investment in Vinculum to Strengthen Its D2C Offering

Bangalore, 22 May 2023: Delhivery Ltd, India’s largest fully-integrated logistics services provider, will make a strategic investment in Vinculum, a global software leader enabling omnichannel retailing for D2C enterprises, brands, brand distributors, and quick commerce companies. The investment is the first part of a potential 2-stage deal that provides Delhivery the option to further increase its shareholding in the company after six months.

Vinculum is one of the early software companies from India, enabling brands to tap into the opportunity presented by eCommerce and Omni Channel. With the post covid industry and consumer shift, the company has scaled up into a leading SaaS Omni Channel software company working with over 400 brands across Grocery & FMCG, Healthcare, Beauty, Cosmetics, Fashion, and Jewelry in India, South East Asia, and the Middle East markets.

Direct-to-Consumer enterprises are a focus market for Delhivery, and the investment is expected to strengthen its position as a leading fulfillment solutions provider in the segment. Through this investment, the two companies will build a complete integrated stack to address the entire range of post-purchase needs of a D2C brand. A deeper integration with Vinculum’s industry-leading Order Management System (OMS) will be a first-of-its-kind fully-integrated E2E offering.

Commenting on the announcement, Rajaganesh S, Head of Supply Chain Solutions at Delhivery, said, “We congratulate the leadership team of Vinculum on building a truly world-class product that enables omnichannel retailing for brands, retailers while also powering fulfillment capabilities of 3PLs and online marketplaces. A strategic partnership with Vinculum strengthens Delhivery’s fulfillment solution to brands”.

Venkat Nott, Founder, and Chief Executive Officer of Vinculum Group, added, “We are delighted with the investment to be made by Delhivery in Vinculum. This lays the foundation for deep tech integration between both companies, tremendous collaboration opportunities, and immense business value for our customers.”

The investment is subject to the satisfactory completion of closing conditions.

Rana Group announces Sourav Ganguly as brand ambassador

Rana Group, a conglomerate of EV and agritech manufacturing companies appointed Sourav Ganguly, former BCCI President and Captain of the Indian Cricket Team, as its brand ambassador. The conglomerate also launched an electric three-wheeler for the L5 segment and announced upcoming electric four-wheelers in the cargo, e-bus, and hydrogen truck segments as part of its Erisha E Mobility portfolio. The group also soft-launched an electric scooter called Supido at the event and showcased its upcoming OHEO mobile application among three others.

Overall, Sourav Ganguly will represent Rana Group’s Erisha Agirtech Pvt Ltd and Erisha E Mobility Pvt Ltd. As part of the partnership, the group will primarily focus on its agricultural technologies and IOT-based farming solutions and develop EVs for the agritech sector. Apart from launching Ganguly as their ambassador, four different mobile applications were also launched at the event for Smart Farming, Education, Smart Charging, and the OHEO application, which will be an EV solutions platform that deals with after-sales, financing, passenger service aggregation, and more.

The Smart Charging application will be capable of locating both AC and DC chargers across the country and help users of Erisha products. Overall, Erisha E Mobility has established 107 dealerships across India and started billings of its E3Ws to end customers. The conglomerate has also signed two MoUs with the UP government for setting up 100 EV charging stations at an investment of R$ 400 crore. Production takes place at the company’s 320-acre plant in Thanoi, which has been built at an investment of Rs 1,500 crore.

It is a great moment for Erisha E Mobility Private Limited to officially announce the opening of 101 showrooms pan India and the start of billing of Electric 3 Wheelers to end consumers.

Speaking on the development, Sourav Ganguly said, “I am extremely happy to be part of Rana Group. For me, every partnership means a way forward and I hope my association will take the brand a long way ahead and for years to come. I am committed to using my skills and experience to contribute to the success of Rana Group.”

Our team is thrilled to work with Mr. Sourav Ganguly and is excited to announce this partnership,” said Mr. Darshan Singh Rana, CMD, and Chairman of Rana Group. “We believe that Mr. Sourav Ganguly is a true representation of what our brand stands for, and we are looking forward to the positive impact that he will bring to our company.

Urban Square Mall Presents Kids’ Favourite ‘Shinchan’ in Udaipur

Urban Square Mall, Udaipur’s biggest shopping destination, organised the much-awaited Kids Fiesta, a spectacular event designed exclusively for children. The major attraction of the fiesta was the meet and greet with the kids’ beloved ‘Shinchan’ on May 20 & 21, 2023. Children got an incredible opportunity to meet and interact with this iconic character, creating memories that will last a lifetime. The fiesta offered an array of free workshops, exciting games, and memorable character meet & greet experiences.

Children and their families had an unforgettable weekend filled with entertainment and learning opportunities at Urban Square Mall. The Kids Fiesta aimed to engage children in interactive and educational activities, fostering their creativity, imagination, and social skills during the summer vacations.

“We are delighted to host the Kids Fiesta and provide a platform for children to learn, play, and have fun. It was an immense pleasure to witness kids enjoying with Shinchan and bursting into laughter. This event showcases our commitment to creating exceptional family experiences and fostering a vibrant community spirit. We look forward to more children’s participation in this ongoing fiesta for a fantastic weekend filled with joy and laughter,” said Mr. Uddhav Poddar, MD, Bhumika Group.

The highlight of the event was the daily free workshops that offered children a chance to participate in various engaging activities, including art and craft sessions, storytelling, dance workshops, and much more. Led by expert facilitators, these workshops inspired and empowered children to explore their talents and discover new interests. The Hasbro Gaming Zone was a major attraction at the Kids Fiesta. Children immersed themselves in a world of endless fun with games like NERF, Play-Doh, Connect 4 shots, and Beyblade.

Head to Inorbit Mall Vashi to enjoy an exciting Summer Fiesta from May 19-June 11

Navi Mumbai(S.N)- Summer is the perfect time to bond with family. Children are off from school and parents are constantly looking for exciting experiences to enjoy with their children. For folks in Navi Mumbai, there is some good news!

Inorbit Mall Vashi is organizing its ‘Summer Fiesta’ from May 19-June 11, 2023, aimed at bringing together families and friends for some fun and games. This three-week-long extravaganza will take place in the main atrium of the mall and can be enjoyed by one and all, five years and above.

Children will be spoilt for choice as they get to experience exciting game zones that include the ever-favouritePS4 Pro station, a mind-bending maze, a thrilling mechanical surfing board and a life-sized slide that they can zip down through! Additionally, on weekends, they can get fun tattoos made by the tattoo artist present at the mall. Not just that, patrons can play the ‘spin the wheel’ game and receive exciting gifts and vouchers from the mall’s partner brands. Also, brands such as Mr. DIY, Max, and Juice Salon giving special discounts & giveaways to make this occasion even more enjoyable.

Get set, get ready to join the Summer Fiesta at Inorbit Mall Vashi from May 19 to June 11, 2023, and have a gala time with your loved ones.

INKER Robotics Responds to overwhelming demand, Extends Hellobotz – Robotics Expo

Thrissur, 22nd May 2023 – INKER Robotics, a pioneer in robotics literacy has hosted a distinctive, state-of-the art Robotics Expo in Thrissur, called Hellobotz 23. Backed by demand from across the country, the novel expo is extended by a week, creating an opportunity for the democratization of robotics. This will offer an opportunity for those who have not yet visited, to witness and immerse in the breakthrough technologies. Held against the backdrop of Pooram festival, the expo succeeded in blending heritage and culture with technology and innovation. Hellobotz was conceptualized as a strictly experiential platform that introduces the best of robotics to the depths of the Indian masses. Targeting the tier 1,2 and 3 audience, the expo witnessed over 1 lakh visitors of all ages and demographics.

Extended till 29th May, Hellobotz expo introduces to Kerala, unparalleled brilliance in technology – ranging from humanoid robots to drone taxis for transportation. Humanoid robots have been thriving in the global technology ecosystem, raking in attention from every walk of life. Through Hellobotz 23, Inker unveiled technologies and gadgets in the likes of a 50-feet interactive wall with sensors that will guide one through the evolution of technology, from the primitive to the present. Industrial and humanoid robots, artificial intelligence, augmented reality, virtual reality, 3D printers, and Internet of Things (IoT) will serve as hallmarks of the unforgettable exhibition.

Inker is a first of its kind company involved in research, development and academics in robotics, envisioned to demystify robotics and make it accessible to all. The expo rightly justified this vision by grabbing the attention of visitors from numerous cities. The district collector has also commended Inker Robotics’ efforts in democratizing technology.

Speaking about the footprint of the expo,  Mr. Rahul P Balachandran, Founder & Managing Director, Inker Robotics said, “India is one of the strongest growing economies among the emerging markets in Asia. Inker Robotics aims to unlock the creative potential of robotics and bring robotic literacy to the Indian grassroots.

Mr. Amith Raman, CEO, Inker Robotics added, “We are immensely proud of the resounding success of the Robotics Expo, an unwavering testimony of the immense potential that robotics holds in India. We believe that through continued innovation and collaboration, we can unlock the full potential of robotics and create a brighter future for all”.

F5 Drives Innovation with New Engineering Center in Bengaluru

Bengaluru, May 22, 2023 – F5 (NASDAQ: FFIV), the global leader in multi-cloud application security and delivery, inaugurated its new engineering center on the 16th of this month, strategically located in the heart of Bengaluru on the 1st floor of Pine Valley, Embassy Golf Links Business Park. The state-of-the-art development center is spread across 50,000 square feet with a seating capacity of 250 employees. The engineering center was inaugurated by F5 President and Chief Executive Officer François Locoh-Donou and is an expansion of the current engineering center in Hyderabad which focuses on global product development and innovation for F5.

The design elements for the new center are based on the theme of the Garden City of Bengaluru. The center will play a pivotal role in driving research, development, and product innovation for F5 as the company expands its portfolio of multi-cloud application security and delivery solutions. The opening of this center will create opportunities for talented engineers focusing on cutting-edge technologies and meet evolving customer needs.

“India has a thriving technology ecosystem and benefits from strong public sector-led innovation through programs such as Digital India,” said François Locoh-Donou, President and CEO, of F5. “The opening of our engineering center in Bengaluru will enable F5 to fully tap into local talent to help deliver innovative multi-cloud application solutions to our global customer base.”

Operating for more than two decades in the country, F5’s largest R&D center in Hyderabad drives work aimed at enhancing its solution portfolio in conjunction with its other global engineering centers in the U.S. and Israel. The new center in Bengaluru will extend these capabilities and provide access to more talent and resources in India.

“We are delighted at the opening of our new center in Bengaluru,” said Rohit Arya, India Site Head, and VP Engineering at F5. “This second engineering center in India will expand our footprint and talent pool, foster innovation and technological advancements, and elevate India’s position as a significant market for F5. It will allow us to connect with our global engineering centers, enabling us to accelerate our contributions to global product development that addresses challenges for our customers.

R CITY in association with Cartoon Network brings to you the Superhero Summer

Mumbai, 22nd May, 2023- Kids, it’s time to make your summer vacation even cooler at R CITY, Mumbai’s iconic lifestyle destination, as they bring to you, the Cartoon Network Superhero Summer, a thrilling experience for all the cartoon fanatics. The ongoing fest that culminates on June 4th, 2023, has transformed R CITY into a haven for kids with a range of activities including meet and greets, workshops, games, and an opportunity to win special gifts!

Kids get an opportunity to unleash their creativity through DIY workshops and also to step into a larger-than-life world of board games including the all-time favorites hopscotch and snakes and ladders. There’s more in store with meet and greets with the Power Puff Girls on the 20th and 21st of May, We Bare Bears – Cutest Bears from the Toon World on the 27th and 28th of May and the famous duo of Ben Ten and Heat Blast on the 3rd and 4th of June, all of this exclusively at the Superhero Summer at R CITY!

The Cartoon Network Superhero Summer has already started with a bang as the mall hosted a meet and greet with Teen Titans Go! who were touring India for the very first time. So, come give yourself and your children the superhero summer that you deserve and head to R CITY, a place for endless excitement, and entertainment for the whole family!

Date- Ongoing until 4th June, 2023

Event Timings:

● Activity/Games Timings: 12 noon to 9 PM daily

● Workshop Timings: 4 PM to 8 PM

● Meet & Greet Timings: 4 PM, 6 PM, and 8 PM every Saturday and Sunday

Venue: R CITY, Ghatkopar